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- Enron_scandal abstract "The Enron scandal, revealed in October 2001, eventually led to the bankruptcy of the Enron Corporation, an American energy company based in Houston, Texas, and the de facto dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world. In addition to being the largest bankruptcy reorganization in American history at that time, Enron was attributed as the biggest audit failure.Enron was formed in 1985 by Kenneth Lay after merging Houston Natural Gas and InterNorth. Several years later, when Jeffrey Skilling was hired, he developed a staff of executives that, by the use of accounting loopholes, special purpose entities, and poor financial reporting, were able to hide billions of dollars in debt from failed deals and projects. Chief Financial Officer Andrew Fastow and other executives not only misled Enron's board of directors and audit committee on high-risk accounting practices, but also pressured Andersen to ignore the issues.Enron shareholders filed a $40 billion lawsuit after the company's stock price, which achieved a high of US$90.75 per share in mid-2000, plummeted to less than $1 by the end of November 2001. The U.S. Securities and Exchange Commission (SEC) began an investigation, and rival Houston competitor Dynegy offered to purchase the company at a very low price. The deal failed, and on December 2, 2001, Enron filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code. Enron's $63.4 billion in assets made it the largest corporate bankruptcy in U.S. history until WorldCom's bankruptcy the next year.Many executives at Enron were indicted for a variety of charges and were later sentenced to prison. Enron's auditor, Arthur Andersen, was found guilty in a United States District Court, but by the time the ruling was overturned at the U.S. Supreme Court, the company had lost the majority of its customers and had closed. Employees and shareholders received limited returns in lawsuits, despite losing billions in pensions and stock prices. As a consequence of the scandal, new regulations and legislation were enacted to expand the accuracy of financial reporting for public companies. One piece of legislation, the Sarbanes-Oxley Act, increased penalties for destroying, altering, or fabricating records in federal investigations or for attempting to defraud shareholders. The act also increased the accountability of auditing firms to remain unbiased and independent of their clients.".
- Enron_scandal fate "Bankrupted".
- Enron_scandal foundationPlace Nebraska.
- Enron_scandal foundationPlace Omaha,_Nebraska.
- Enron_scandal foundedBy Kenneth_Lay.
- Enron_scandal foundingYear "1985".
- Enron_scandal industry Energy.
- Enron_scandal keyPerson Andrew_Fastow.
- Enron_scandal keyPerson Jeffrey_Skilling.
- Enron_scandal keyPerson Kenneth_Lay.
- Enron_scandal keyPerson Rebecca_Mark-Jusbasche.
- Enron_scandal locationCity 1400_Smith_Street.
- Enron_scandal locationCity Houston.
- Enron_scandal predecessor Houston_Natural_Gas.
- Enron_scandal successor Dynegy.
- Enron_scandal thumbnail Enron_Logo.svg?width=300.
- Enron_scandal type Public_company.
- Enron_scandal wikiPageExternalLink 10-K_1999.htm.
- Enron_scandal wikiPageExternalLink 10-K_2000.htm.
- Enron_scandal wikiPageExternalLink www.enron.com.
- Enron_scandal wikiPageID "11954274".
- Enron_scandal wikiPageRevisionID "602739316".
- Enron_scandal align "right".
- Enron_scandal caption "Enron logo, designed by Paul Rand".
- Enron_scandal fate "Bankrupted".
- Enron_scandal foundation "Omaha, Nebraska, United States".
- Enron_scandal founder Kenneth_Lay.
- Enron_scandal hasPhotoCollection Enron_scandal.
- Enron_scandal id "org.c-span.168570-1".
- Enron_scandal industry "Energy".
- Enron_scandal keyPeople "Andrew Fastow, former CFO".
- Enron_scandal keyPeople "Jeffrey Skilling, former President, and COO".
- Enron_scandal keyPeople "Kenneth Lay, Founder, Chairman and CEO".
- Enron_scandal keyPeople "Rebecca Mark-Jusbasche, former Vice Chairman, Chairman and CEO of Enron International".
- Enron_scandal keyPeople "Stephen F. Cooper, Interim CEO and CRO".
- Enron_scandal locationCity "1400".
- Enron_scandal locationCity "Houston, Texas".
- Enron_scandal locationCountry "United States".
- Enron_scandal logo "150".
- Enron_scandal name "Enron Bankruptcy".
- Enron_scandal name "Enron Corporation".
- Enron_scandal predecessor "Northern Natural Gas CompanyHouston Natural Gas".
- Enron_scandal quote ""At the beginning of 2001, the Enron Corporation, the world's dominant energy trader, appeared unstoppable. The company's decade-long effort to persuade lawmakers to deregulate electricity markets had succeeded from California to New York. Its ties to the Bush administration assured that its views would be heard in Washington. Its sales, profits and stock were soaring."".
- Enron_scandal quote ""There are no accounting issues, no trading issues, no reserve issues, no previously unknown problem issues. I think I can honestly say that the company is probably in the strongest and best shape that it has probably ever been in."".
- Enron_scandal quote "In its accounting work for Enron, Andersen had been sloppy and weak. But that's how Enron had always wanted it. In truth, even as they angrily pointed fingers, the two deserved each other.".
- Enron_scandal quote "In the Titanic, the captain went down with the ship. And Enron looks to me like the captain first gave himself and his friends a bonus, then lowered himself and the top folks down the lifeboat and then hollered up and said, 'By the way, everything is going to be just fine.'".
- Enron_scandal quote "Something is rotten with the state of Enron.".
- Enron_scandal source Byron_Dorgan.
- Enron_scandal source United_States_Senate.
- Enron_scandal source "--08-14".
- Enron_scandal source "A. Berenson and R. A. Oppel, Jr. The New York Times, Oct 28, 2001.".
- Enron_scandal source "Bethany McLean and Peter Elkind in The Smartest Guys in the Room.".
- Enron_scandal source "—The New York Times, Sept 9, 2001.".
- Enron_scandal successor "DynegyPrisma Energy International".
- Enron_scandal type Public_company.
- Enron_scandal width "35.0".
- Enron_scandal subject Category:2000s_economic_history.
- Enron_scandal subject Category:Corporate_scandals.
- Enron_scandal subject Category:Corruption_in_the_United_States.
- Enron_scandal subject Category:Enron.
- Enron_scandal type Abstraction100002137.
- Enron_scandal type Company108058098.
- Enron_scandal type Group100031264.
- Enron_scandal type Institution108053576.
- Enron_scandal type Organization108008335.
- Enron_scandal type SocialGroup107950920.
- Enron_scandal type YagoLegalActor.
- Enron_scandal type YagoLegalActorGeo.
- Enron_scandal type YagoPermanentlyLocatedEntity.
- Enron_scandal type Agent.
- Enron_scandal type Company.
- Enron_scandal type Organisation.
- Enron_scandal type Organization.
- Enron_scandal type Business.
- Enron_scandal type Agent.
- Enron_scandal type SocialPerson.
- Enron_scandal type Thing.
- Enron_scandal comment "The Enron scandal, revealed in October 2001, eventually led to the bankruptcy of the Enron Corporation, an American energy company based in Houston, Texas, and the de facto dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world.".
- Enron_scandal label "Enron scandal".
- Enron_scandal label "Escándalo Enron".
- Enron_scandal sameAs Σκάνδαλο_Enron.
- Enron_scandal sameAs Escándalo_Enron.
- Enron_scandal sameAs m.02rzh5t.
- Enron_scandal sameAs Q2723024.
- Enron_scandal sameAs Q2723024.
- Enron_scandal sameAs Enron_scandal.
- Enron_scandal wasDerivedFrom Enron_scandal?oldid=602739316.
- Enron_scandal depiction Enron_Logo.svg.
- Enron_scandal isPrimaryTopicOf Enron_scandal.
- Enron_scandal name "Enron Corporation".